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Financial News: Indonesia Central Bank Holds Key Interest Rate Again

Indonesia Central Bank Holds Key Interest Rate Again

04/20/2017 - 09:03:00 (RTTNews)

(RTTNews) - Indonesia's central bank left its key interest rate unchanged on Thursday for the sixth month in a row.

The Board of Governors of Bank Indonesia, led by Governor Agus Martowardojo, left the 7-day repo rate at 4.75 percent. The decision was in line with economists' expectations

Previously, the bank had reduced the rate by 25 basis points each in September and October 2016.

The bank said the latest decision was consistent with its efforts to maintain macroeconomic and financial system stability by driving the domestic economic recovery process.

The bank also said that it will monitor the impact of adjustments to administered prices on inflation as well as ongoing consolidation in the corporate and banking sector, which has undermined the impact of economic stimuli.

Domestic growth momentum is expected to remain well in the first quarter of 2017, albeit below previous expectations, supported by stronger investment, solid consumption and positive export performance, the bank said.

The bank said it will continue to stabilize rupiah exchange rates in line with the currency's fundamental value, while maintaining market mechanisms.

Policy coordination between the Government and Bank Indonesia in inflation control requires constant strengthening to maintain inflation within the target range of 4±1%, the bank said.

This is mainly due to adjustments to administered prices as part of the Government's ongoing energy reforms, coupled with the expected seasonal spike of inflationary pressures during the approach to the holy fasting month, the bank added.

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